When you have company, you will need to keep records. Although this list does not include every possible type of record, the following checklist includes commonly kept information:
INDEPENDENT CONTRACTORS :
- Contract
- Workers Comp coverage (or proof of own coverage or waiver)
- Time and pay records unless not covered under Fair Labor Standards Act
EMPLOYEES
- Application of resume
- Tax withholding forms
- I-9
- Background checks / references
- Proof of licenses required for job
- Emergency contact information
- Time and payroll records required under the Fair Labor Standards Act
- Benefit enrollment/denial records
- Signed receipts for policy manuals
- Signed receipt for company equipment or uniforms expected to be returned
- Authorization forms for any payroll deductions
This is a brief checklist. There may be additional items to add to your checklist based on size, industry, location and specific employer situations.
SPECIAL POINTS OF INTEREST:
U.S. Census Bureau projects that the Hispanic population will become the country’s largest minority group increasing from 11.7% to 13.3% of the total population within 5 years.
According to Dallas Salisbury in a recent article, nearly 2/3 off retirees have social security as their major source of retirement income.
A study by William M. Mercer found that 40% of European employers have increased their use of external suppliers of human resource services in the past.
